EPIK, Hyundai LNG Shipping Team Up to Develop FSRU Projects

South Korea’s Energy Projects and Infrastructure Korea (EPIK) has entered a strategic partnership agreement with compatriot Hyundai LNG Shipping to develop FSRU projects.

The deal lays out a framework for the two companies to work together in the development of FSRU projects, including EPIK’s Newcastle LNG FSRU import project at the Port of Newcastle, Australia.

“Partnering with Hyundai LNG Shipping marks a key strategic milestone for EPIK, contributing significant expertise and support to the advancement of our flagship Newcastle LNG project,” Jee Yoon, EPIK’s Founder and Managing Director, said.

In December 2018, EPIK unveiled its Newcastle LNG project at Australia’s Port of Newcastle, which would include a 170,000 m3 new-build FSRU and associated on-shore infrastructure, with a combined potential investment estimated to be between USD 400 million and USD 430 million.

In addition to the import terminal, the LNG project development company is exploring the possibility of additional gas related infrastructure that would be of benefit to the NSW region, including potential gas-fired power and LNG bunkering facilities.

EPIK expects to place an order for the FSRU new-build with a shipyard subject to receiving regulatory approvals for the project, which the company currently estimates to receive by early 2020.